India shares the second position with China as the most promising source of disruptive technology in the world, according to a new survey.
In terms of the world cities that are likely to be leading technology innovation hubs over the next four years, apart from presumed global leader San Francisco, Bengaluru entered the top 10 list, ranked ninth, and Mumbai was ranked 16th, according to KPMG’s “2020 Global Technology Industry Innovation Survey”.
“India’s climb to the second position in the survey rankings lends credence to how we as a country are committed towards setting up strong innovation ecosystems,” Satya Easwaran, Head, Markets Enablement & Technology, Media and Telecom, KPMG in India, said in a statement.
“Bengaluru’s entry in the top 10 rankings is another sign that the city is doing well in the areas of modern infrastructure, attracting skilled talent, investment funding etc,” Easwaran said. Technology leaders regard the US as the most promising market for developing disruptive technologies.
The findings, based on the survey of 810 technology industry leaders globally, showed that this year the US has increased its lead over China compared to last year. One significant finding is the fact that India surged back to tie the second position with China.
With the potential innovation headwinds China is now facing, and US policies encouraging more tech professionals to return to or remain in India, the future bodes well for Indian innovation, KPMG said.
This is bolstered further by the urbanisation and younger demographic trends that are moving in the right direction, along with the increase in venture capital that India has seen in the last two years, it added.
“With the country seeing tremendous evolution across various spheres, the coming years will be crucial to overcoming current hurdles which exist. Overcoming these hurdles, would be imperative for India to gradually and slowly move towards becoming one of the world’s leading economy in innovation,” Easwaran said.
A total of 12 countries were represented and 54 per cent of the respondents were C-level executives. The online survey was conducted from December 2019 to January 2020. (IANS)